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NeoNotes — Tax the rich

❝❝OK, taxes. According the the OMB, the top 20% of taxpayers pay 95% of income taxes. In 2015, the WSJ reported that the top 20% paid 84% of income taxes. In 2015, the top .1% (yes, that's one-tenth of one percent) of families paid 39.2% of income taxes. In 2015, all but the top 20% of taxpayers paid more in payroll taxes than they owed in Federal income tax, effectively giving the Federal government an interest free loan. Meanwhile, the bottom 20% of taxpayers have the Earned Income Tax Credit, a negative income tax. The government pays them. The thing is, smart rich people don't stuff their money in mattresses. They put it to work. If their money doesn't earn more than the rate of inflation, they've lost money. So they look for ways to maximize returns. Stocks, bonds, and mutual funds are the most common methods. This pumps money back into the economy. Lower prices, more companies hiring, and better distribution of goods and services are direct results. In other words, cutting taxes at any level gives people more choices and more economic power. It's not cutting taxes for the rich, it's cutting taxes. If you like, I can show how a progressive tax system locks people into income tiers and suppresses the natural movement up in income.❞❞

NeoNotes are the selected comments that I made on other boards, in email, or in response to articles where I could not respond directly.